About a month after Al Gore and his partner, businessman Joel Hyatt, filed suit in a Delaware Court claiming Al Jazeera America stiffed them out of $65 million stemming from the purchase of Current TV, the news network has responded, calling the former U.S. Vice President's action a desperate attempt added to the "hundreds of millions of dollars already paid for his network."
Gore sold Current TV to Qatar-based Al Jazeera in January 2013 for about $500 million, at the time a price that was thought to be well above the sparsely-watched channels worth.
In a lawsuit in August, Gore claimed that Al Jazeera had placed about $85 million of the purchase price in escrow to satisfy indemnification obligation of the sellers. The suit claimed the escrow account currently has about $65 million, which was supposed to be returned to the Current TV owners after the escrow period expired on July 2, 2014. So far, neither Gore nor Hyatt has received any of those funds.
The smarter way to stay on top of broadcasting and cable industry. Sign up below.
Thank you for signing up to Broadcasting & Cable. You will receive a verification email shortly.
There was a problem. Please refresh the page and try again.